I think what they're doing is promising us what they can deliver. The question in February will be, 'can they deliver a little more than that?

My gut feeling is they'll probably say there will be low visibility in the near term, but things will come back in the third or fourth quarter of calendar 2001.

They're showing progress. They promised us they would cut costs.

They delivered on the revenues, they delivered on the guidance ... they looked pretty confident going forward.

In a market where a lot of companies haven't managed to deliver, that is probably good enough. You can't expect miracles forever.

So far, they're looking pretty good.

I think Cisco can definitely meet [second-quarter] estimates. You've got to give the company a ton of respect for their ability to manage their internal business on a day-by-day basis.

If you want a rule of thumb, 40 percent of the cost of putting in a new application is integrating it with the other applications.

People come to tech for that extra-special sizzle, not for the steak. By buying into Cisco they're buying into a market that's more moderate.